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<p>[QUOTE="Treashunt, post: 604606, member: 6763"]Tarquin:</p><p><br /></p><p>Wow, there are some reall silly comments posted here.</p><p><br /></p><p>The answers are rather simple:</p><p>You would want to find out the total value of the estate, there may have been a reason for the valuation of the coins, but I doubt it.</p><p><br /></p><p>The estate filing can be amended (and obviously should be amended).</p><p>The value, (regardless of when you actually RECEIVED the coins) is as of the date of death, or 6 months later, the valuation is purely the choice of the individual estate.</p><p><br /></p><p>If you can show that the values of the coins were misrepresented by the estate as of the date of the filing, then you can have them amend the return, not a big deal, since there (apparently) would only be one line item to be amended. However, consider, that the estate pays a very high tax rate.</p><p><br /></p><p>If the return is amended, and the estate owes taxes, it would (probably) be at a higher rate than that which you owe.</p><p><br /></p><p>Also, consider researching for the possibility of long term capital gains, search the estate tax guide, you may be eligible, and that would be a considerable saving.</p><p><br /></p><p>To those who believe that an attorney knows the tax code better than a CPA, all that i can say to you is: Good luck.[/QUOTE]</p><p><br /></p>
[QUOTE="Treashunt, post: 604606, member: 6763"]Tarquin: Wow, there are some reall silly comments posted here. The answers are rather simple: You would want to find out the total value of the estate, there may have been a reason for the valuation of the coins, but I doubt it. The estate filing can be amended (and obviously should be amended). The value, (regardless of when you actually RECEIVED the coins) is as of the date of death, or 6 months later, the valuation is purely the choice of the individual estate. If you can show that the values of the coins were misrepresented by the estate as of the date of the filing, then you can have them amend the return, not a big deal, since there (apparently) would only be one line item to be amended. However, consider, that the estate pays a very high tax rate. If the return is amended, and the estate owes taxes, it would (probably) be at a higher rate than that which you owe. Also, consider researching for the possibility of long term capital gains, search the estate tax guide, you may be eligible, and that would be a considerable saving. To those who believe that an attorney knows the tax code better than a CPA, all that i can say to you is: Good luck.[/QUOTE]
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